World Airways announced on Thursday that the company operated its last flight on March 26. The company was founded in 1948 and operated cargo and passenger charter flights using B747-400 and MD-11 aircraft. The U.S. Military was its primary customer.

Peachtree City, Ga.-based Global Aviation Holdings and many of its subsidiaries, including World Airways, began restructuring Nov. 12, 2013. World Airways had been in the marketplace for some months seeking funding to help it restructure in Chapter 11 bankruptcy, and has been unable to secure that financing. World Airways' first lien holder declared World in default on its loan Tuesday and stopped providing the airline funding. World Airways has started the process of winding down its operations. The company laid off 325 employees, including 109 pilots and 146 flight attendants.

"The battle to save World has been difficult," said Erig Bergesen, World Airways' COO. "A lot of people have worked hard to try to save our airline. Despite this regrettable outcome, I sincerely thank each of our employees for their dedication and continued support as we attempted to build a future for the company."

Sister company North American Airlines will continue operations with plans to emerge from bankruptcy in the near future. North American was founded in 1989 and operates passenger charter flights using B767-300ER aircraft.